Recently carbon nanotube (CNT) yarns have been gaining importance as an approach to harvest the excellent properties of the CNTs. However, the properties of CNT yarns at this stage are well below the expected value. Investigation of the structure of CNT yarns and possible approaches to enhance the strength and modulus are reported. Scanning electron microscopy and focused ion beam imaging reveal the inherently porous structure and poor orientation, emphasizing the need to enhance packing of CNT bundles in the yarns for increased strength and modulus. Densification of CNT yarn by toluene or polystyrene increases the strength by 140 or 172 % and modulus by 79 or 218 %, respectively, as compared to that of the pristine yarn. E-beam irradiation was investigated as a means to introduce crosslinking and enhanced internanotubes bonding to increase strength and modulus. However, the irradiation resulted in generation of defects and damages to the yarn contributing to reduction in strength and modulus. Raman spectroscopy studies on the irradiated samples reveal the change in bonding characteristics resulting in poor mechanical properties. Denser packing of nanotubes and increased interaction without any damage is the key to improve the properties of CNT yarns.